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Cevian steps up pressure on Munich Re for restructuring

Cevian, the Swedish activist investor backed by Carl Icahn of the US, is stepping up pressure on Munich Re, the worldâ€™s second-biggest reinsurer, as it seeks changes that will boost the groupâ€™s share price.

Cevian is seeking fresh meetings with Munich Re, and has not ruled out increasing its stake of almost 3%. On Thursday, the activist fund attended an investor presentation in London and spoke briefly to Munich executives. Cevian declined to comment on the changes it is seeking.

Nikolaus von Bomhard, chief executive of Munich, said no specific proposals had been put forward by Cevian, nor had letters from the activist been received. However, Munich is seen as vulnerable to an attack by activist investors because it has a primary insurance business, Ergo, alongside its traditional reinsurance operation.

Motorola could be ready to consider the break-up plan long advocated by Icahn as the company's new chief executive moves to halt plummeting profits, it is understood.

Icahn, who owns about 3.3% of the company, says that breaking up the telecoms giant would unlock almost $20bn (â‚¬13.7bn) in additional shareholder value. That would equate to about $8 a share on a stock that is currently trading at about $16.